UBS sells its private banking unit

摘要

Swiss banking giant UBS said it was selling its private banking unit to one of Switzerland's largest private banks,Julius Aer,amid consolidation moves in the country's flagship private banking industry.Under the terms of the 5.6 billion swiss frances agreement,UBS will receive 3.8 billion Swiss francs as well as a 21.5% stake in Julius Baer Group,UBS said.Analysts said price paid by Julius Baer in largest consolidation move in Swiss banking since 1998 was above odds,as it appeared to be ready to reaffirm bank's 115 year old independence.